ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
47. Prior agreement overridden
Edition: 2022-12-31 · In force
47. Prior agreement overridden
Where the Corporation or the appointed person, as the case may be, has assumed control of an institution under section 44(2)(b), any stipulation in any agreement entered into by the institution prior to the assumption of control shall be of no force or effect if it—(a)has the effect of providing for, or permitting, anything that, in substance, is contrary to section 44; or(b)provides, in substance, that on the insolvency of an institution or the default by an institution in the performance of an obligation, or the assumption of control, the institution ceases to have the rights to use or deal with the assets that the institution would otherwise have.